MIRA INFORM REPORT
|
Report Date : |
13.07.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
T.C.S.
PACIFIC LIMITED |
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Registered Office : |
64 Soi Udomsuk
60, Udomsuk Road, Bangbon, Prawet, Bangkok
10250 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
03.10.1995 |
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Com. Reg. No.: |
0105538118141 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Raw Materials and Chemicals |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
T.C.S.
PACIFIC LIMITED
SUMMARY
BUSINESS
ADDRESS : 64
SOI UDOMSUK 60,
UDOMSUK ROAD,
BANGBON,
PRAWET, BANGKOK 10250
TELEPHONE : [66] 2361-8804-7
FAX :
[66] 2361-8808
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538118141
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. NATHAYA SAENGKRAIRUNGROJ, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 40
LINES
OF BUSINESS : RAW
MATERIALS AND CHEMICALS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on October 3,
1995 as a
private limited company
under the originally
registered name “Bronson
and Jacobs [Thailand] Ltd,” by
Thai groups. On November
29, 2000, its
registered name was
changed to T.C.S.
PACIFIC LIMITED. Its
business objective is to
import and distribute
raw materials and
chemicals for foods & beverages, health
food and cosmetic
industries. It currently employs
approximate 40 staff.
The
subject’s registered address
was initially located
at 1558/41 KI Building,
Banklangkrung, Bangna-Trad Rd.,
Bangna, Bangkok 10260.
In
2010, its registered
address was relocated
to 64 Soi
Udomsuk 60, Udomsuk
Rd., Bangbon, Prawet,
Bangkok 10250, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Nathaya Saengkrairungroj |
[x] |
Thai |
- |
|
Mrs. Suvimol Kriengkirkkrai |
|
Thai |
- |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Nathaya Saengkrairungroj is
the Managing Director.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
of raw materials
and chemicals, including
food ingredients; flavors,
fragrances, oils, natural gum & food thickener and etc., for
foods & beverage,
health food and
cosmetic industries.
PURCHASE
Most of the
products are imported
from Japan, U.S.A.,
Republic of China,
India, Taiwan &
United Kingdom, and
the rest is
purchased locally.
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers and end-users.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by L/C
at sight
or T/T on
negotiated terms.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
40 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
Consumption
improvement has potential
for raw materials
and chemicals used
in industrial sector. Demand
of products also looks
on the rise, which is
essential for the related
industries. Subject has
good performance in the past
years with rising
sales from domestic
consumption.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided into 20,000
shares of Bht. 100
each with fully
paid.
On
March 29, 2001,
the capital was
increased to Bht.
5,000,000 divided into
50,000 shares of Bht.
100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Nathaya Saengkrairungroj Nationality: Thai Address : 69/483
Moo 11, Dokmai,
Prawet, Bangkok |
33,329 |
66.66 |
|
Mrs. Suvimol Kriengkirkkrai Nationality: Thai Address : 105/108
Moo 19, Salathammasop,
Taweewattana, Bangkok |
9,168 |
18.34 |
|
Mr. Visanu Kriengkirkkrai Nationality: Thai Address : 105/108
Moo 19, Salathammasop,
Taweewattana, Bangkok |
5,000 |
10.00 |
|
Mr. Parkpoom Kriengkirkkrai Nationality: Thai Address : 10
Soi Chaosai, Pomprab,
Pomprab, Bangkok |
2,500 |
5.00 |
|
Mrs. Malin Intarachote Nationality: Thai Address : 69/483
Moo 11, Dokmai,
Prawet, Bangkok |
1 |
- |
|
Mrs. Suwanna Ratanasathien Nationality: Thai Address : 357/62
Moo 9, Klongkum,
Buengkum, Bangkok |
1 |
- |
|
Ms. Suwannee Saengkrairungroj Nationality: Thai Address : 1
Padsai Rd., Samphantawong, Bangkok |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Viroj Narisvaranont No.
3748
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
515,605.82 |
1,233,281.24 |
|
Trade Accounts Receivable |
16,052,342.06 |
15,231,342.61 |
|
Sale Department Receivable |
- |
7,990.30 |
|
Inventories |
21,249,132.94 |
18,759,952.08 |
|
Other Current Assets |
158,019.72 |
97,095.40 |
|
|
|
|
|
Total Current Assets
|
37,975,100.54 |
35,329,661.63 |
|
Investment in Subsidiaries – at Cost |
250,000.00 |
250,000.00 |
|
Fixed Assets |
37,706,744.77 |
38,911,602.20 |
|
Other Assets |
5,547,696.08 |
1,018,665.01 |
|
Total Assets |
81,479,541.39 |
75,509,928.84 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institute |
7,835,250.96 |
9,610,120.22 |
|
Trade Accounts Payable |
9,386,129.84 |
11,598,384.08 |
|
Sale Department Payable |
141,552.15 |
- |
|
Withholding Income Tax |
35,180.04 |
129,778.99 |
|
Accrued Social Securities |
36,460.00 |
20,122.00 |
|
Current Portion of Long-term Loans |
- |
3,685,152.22 |
|
Short-term Loan from Person
Related |
39,829,245.57 |
31,239,510.93 |
|
Accrued Income Tax |
572,133.82 |
44,694.31 |
|
Other Current Liabilities |
2,723,024.06 |
1,215,938.90 |
|
|
|
|
|
Total Current Liabilities |
60,558,976.44 |
57,543,701.65 |
|
Total Liabilities |
60,558,976.44 |
57,543,701.65 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning-
Unappropriated |
15,920,564.95 |
12,966,227.19 |
|
Total Shareholders' Equity |
20,920,564.95 |
17,966,227.19 |
|
Total Liabilities & Shareholders' Equity |
81,479,541.39 |
75,509,928.84 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
106,438,897.76 |
87,136,949.82 |
|
Services Income |
339,500.00 |
303,000.00 |
|
Gain on Exchange
Rate |
1,266,660.45 |
478,819.72 |
|
Other Income |
387,691.22 |
399,976.19 |
|
Total Sales |
108,432,749.43 |
88,318,745.73 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
82,463,357.96 |
67,612,078.06 |
|
Selling Expenses |
2,274,161.50 |
931,133.28 |
|
Administrative Expenses |
19,029,940.88 |
15,980,856.78 |
|
Total Expenses |
103,767,460.34 |
84,524,068.12 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
4,665,289.09 |
3,794,677.61 |
|
Financial Cost |
[747,025.43] |
[3,711,020.32] |
|
Profit / [Loss] before Income
Tax |
3,918,263.66 |
83,657.29 |
|
Income Tax |
[963,925.90] |
[73,459.87] |
|
|
|
|
|
Net Profit / [Loss] |
2,954,337.76 |
10,197.42 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.63 |
0.61 |
|
QUICK RATIO |
TIMES |
0.27 |
0.29 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.83 |
2.25 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.31 |
1.16 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
94.05 |
101.27 |
|
INVENTORY TURNOVER |
TIMES |
3.88 |
3.60 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
54.87 |
63.58 |
|
RECEIVABLES TURNOVER |
TIMES |
6.65 |
5.74 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
41.54 |
62.61 |
|
CASH CONVERSION CYCLE |
DAYS |
107.38 |
102.24 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
77.23 |
77.32 |
|
SELLING & ADMINISTRATION |
% |
19.95 |
19.34 |
|
INTEREST |
% |
0.70 |
4.24 |
|
GROSS PROFIT MARGIN |
% |
24.32 |
23.68 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.37 |
4.34 |
|
NET PROFIT MARGIN |
% |
2.77 |
0.01 |
|
RETURN ON EQUITY |
% |
14.12 |
0.06 |
|
RETURN ON ASSET |
% |
3.63 |
0.01 |
|
EARNING PER SHARE |
BAHT |
59.09 |
0.20 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.74 |
0.76 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.89 |
3.20 |
|
TIME INTEREST EARNED |
TIMES |
6.25 |
1.02 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
22.12 |
|
|
OPERATING PROFIT |
% |
22.94 |
|
|
NET PROFIT |
% |
28,871.42 |
|
|
FIXED ASSETS |
% |
(3.10) |
|
|
TOTAL ASSETS |
% |
7.91 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
24.32 |
Impressive |
Industrial Average |
10.07 |
|
Net Profit Margin |
2.77 |
Impressive |
Industrial Average |
1.40 |
|
Return on Assets |
3.63 |
Satisfactory |
Industrial Average |
3.65 |
|
Return on Equity |
14.12 |
Impressive |
Industrial Average |
10.59 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company’s figure
is 24.32%. When compared with the industry average, the ratio of the
company was higher. This indicated that company was more profitable than the
same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure
is 2.77% compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant
position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 3.63%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 14.12%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
0.63 |
Risky |
Industrial Average |
1.43 |
|
Quick Ratio |
0.27 |
|
|
|
|
Cash Conversion Cycle |
107.38 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 0.63 times in 2010, increase from 0.61 times, then the company may not
be efficiently using its current assets. When compared with the industry
average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.27 times in 2010,
decrease from 0.29 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 108 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.74 |
Risky |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
2.89 |
Risky |
Industrial Average |
1.69 |
|
Times Interest Earned |
6.25 |
Impressive |
Industrial Average |
2.08 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 6.25 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.74 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.83 |
Deteriorated |
Industrial Average |
10.80 |
|
Total Assets Turnover |
1.31 |
Deteriorated |
Industrial Average |
2.62 |
|
Inventory Conversion Period |
94.05 |
|
|
|
|
Inventory Turnover |
3.88 |
Acceptable |
Industrial Average |
7.53 |
|
Receivables Conversion Period |
54.87 |
|
|
|
|
Receivables Turnover |
6.65 |
Impressive |
Industrial Average |
4.81 |
|
Payables Conversion Period |
41.54 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.69 |
|
UK Pound |
1 |
Rs.70.87 |
|
Euro |
1 |
Rs.62.26 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.